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COO Full form

Full form of COO

"Chief Operating Officer" is the full form of COO. The COO controls the day-to-day administration and running of the company. The COO reports directly to the CEO (Chief Executive Officer) and is considered his right-hand man. Some companies also recognize the COO as the Executive Vice President of Operations.

The company's CEO is too concerned with strategic planning and managing relationships with clients and other business partners. He cannot commit enough time to tasks each day. So there is a need for a COO to monitor and ensure compliance with day-to-day operations and liaise with the CEO.

Eligibility criteria of COO

  • A related sector or A degree in business administration is preferred.
  • Professional leadership and Clear management skills.
  • Decision-making abilities and problem-solving.
  • A good understanding of the positions of organizations such as HR, Accounting, Growth, Ads etc.
  • Excellent track and relevant career experience record in similar posts.

Responsibilities of COO

  • Implementing approaches built by the CEO and the Board of Directors through team engagement and leadership.
  • Supervising the planning of the corporate budgets and reviewing the routine business output indicators.
  • Offer success and promote leadership and ownership by actively participating in all company decisions.
  • Participation in the production of the budget preparation exercise with the help of the CEO & COO and their regular review to determine the progress and difficulties faced in the same activity.

Future Scope for the Role of COOs

The role of the COO is evolving in the leadership of the team. Here are a few ways COOs can serve in the coming decades:

  • Strategy Implementation: This is the task most closely identified with conventional commitments. C-suite executives can focus their efforts on making C-suite methodologies a reality. This could be meeting the CEO's goals, working with the CFO to discover highly adjusted acquisitions, or a large group of other usage-related jobs.
  • Leadership Change: The only constant in the business world is change. Sometimes the association will welcome the COO to act with authority on a particularly critical step. In other cases, the association may need someone on the job to deal with the ever-changing needs of the association in the mighty world.
  • Experienced Mentoring: The development of pioneers is fundamental to the association's success. A senior working official can offer his experience and knowledge to help create younger pioneers.
  • Partner: Sometimes CEOs need someone to work with them to get things done, someone to fill in as a backup, or someone to be their right hand. This business feature is why top executives are regularly considered second in line in many associations.